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Nigeria’s Debt Per Capita Hits ₦619,501 as Total Public Debt Rises to ₦134 Trillion
The National Bureau of Statistics (NBS) has reported that Nigeria’s debt per capita now stands at ₦619,501, following a review of the country’s debt portfolio for the second quarter of 2024.
The Debt Management Office (DMO) disclosed that Nigeria’s total public debt has surged to ₦134.297 trillion as of June 2024, marking an increase of ₦13 trillion from the previous quarter’s total of ₦121 trillion.
Based on Nigeria’s estimated population of 216.7 million, the debt per person averages ₦619,501. The DMO’s report breaks down the debt into domestic and external components: domestic debt stands at ₦71.2 trillion, while external debt totals ₦63 trillion.
Within the external debt figure, the federal government owes ₦55.8 trillion, and states owe ₦7.1 trillion.
Domestically, the federal government’s debt is significantly higher at ₦66.9 trillion, with states owing ₦4.2 trillion.
The rising debt has reignited discussions around Nigeria’s reliance on borrowing, with increased calls for the government to explore sustainable financing strategies to reduce the debt burden on citizens.
News
Peter Obi Calls to Celebrate Academics at Osuntokun’s Launch
Yesterday, Peter Obi, the former Governor of Anambra State and 2023 presidential candidate, attended the launch of The Noble Academic and Patriot,
A Biography of Emeritus Professor Akinjide Osuntokun OON (The Baaptian of Oyo Kingdom) at the Nigerian Institute of International Affairs in Victoria Island, Lagos.
The event was a significant gathering, bringing together influential figures from various walks of life to honor a distinguished academic who has made lasting contributions to Nigeria and the field of international affairs.
The launch was attended by prominent personalities, including Chief Emeka Anyaoku, former Commonwealth Secretary-General and a renowned diplomat whose contributions to peace-building and global cooperation are well-respected.
Also present was Pastor Tunde Bakare, Serving Overseer of The Citadel Global Community Church, known for his advocacy on national issues and his call for ethical leadership in Nigeria.
Dr. John Kayode Fayemi, former Governor of Ekiti State and a respected scholar in his own right, was also in attendance, adding his voice to the celebration of Professor Osuntokun’s legacy.
In his address, Peter Obi spoke with reverence about the impact of Professor Akinjide Osuntokun, highlighting the need for society to celebrate academics and intellectuals who dedicate their lives to knowledge and integrity.
While he did not know Professor Osuntokun personally, Obi was moved by the tributes shared by former students and colleagues of the professor.
Obi noted that Professor Osuntokun’s dedication to his field, particularly in education, is a much-needed example for today’s society, where such values are often overlooked.
Reflecting on the professor’s legacy, Obi lamented that Nigerian society often celebrates “thuggery and mediocrity” over intellectual achievement and moral integrity.
He expressed concern that values like scholarship, dedication, and genuine service to society are no longer prioritized.
Again, he made emphasis that education, which is central to Professor Osuntokun’s contributions, remains critical to societal growth and should be celebrated as a path to a better, more united Nigeria.
“May his dedication continue to inspire Nigerians to strive for excellence, uphold integrity, and pursue unity,” Obi stated.
Also, he called for a renewed commitment among Nigerians to reject mediocrity and violence, insisting that a “new Nigeria is POssible,” a message that resonates deeply with his supporters.
News
Another Tanker Explodes in Jigawa, Quick Response Prevents Death
Another tanker explosion has hit Jigawa State, sparking fear among residents of Tsaida community in Dutse Local Government Area.
This incident follows closely on the heels of a devastating tanker explosion just weeks earlier in Majia town, Taura LGA, where over 150 lives were tragically lost.
Aliyu M. A., the spokesperson for the Federal Fire Service, shared details of the incident in a statement.
According to him, the service received an urgent call on the morning of November 12, 2024, from Zubairu Ahmad, the village head of Kuho, alerting them to the tanker accident at Tsaida, located near Kwanar Kalle along the Maiduri Road.
This area, with its busy roads, has seen increasing traffic from heavy-duty vehicles transporting fuel and other goods across the region, making such incidents a rising concern.
In response to the distress call, Federal Fire Service personnel, supported by security teams, immediately mobilized and rushed to the scene.
Their swift action helped to contain the blaze, preventing it from spreading further and causing additional damage.
The firefighters worked alongside police and local security forces, whose coordinated efforts were instrumental in bringing the situation under control.
Thanks to these combined efforts, no lives were lost in this incident, though one person sustained a minor injury.
Aliyu commended the prompt response and teamwork that helped avert a major tragedy, emphasizing the importance of quick action during emergencies.
News
Tinubu’s Administration Secures $30 Billion in Foreign Investments
President Bola Tinubu has shared that his administration, in less than two years, has attracted a significant $30 billion in foreign direct investment (FDI) commitments to Nigeria.
Tinubu’s message was conveyed by the National Security Adviser, Nuhu Ribadu, who represented him at the 2024 Comptroller General of Customs (CGC) conference held in Abuja.
Ribadu listed Tinubu’s strategy to transform Nigeria into an attractive investment hub by focusing on policies that promote economic stability and transparency.
“Since taking office, we have worked relentlessly to create an environment where investors feel confident about Nigeria’s future,” Ribadu said on behalf of Tinubu.
“The result is that we have already secured over $30 billion in investment commitments.” This, he pointed out, underscores the administration’s vision to lay a solid economic foundation despite numerous challenges.
The president’s ambitious economic reforms, including the removal of fuel subsidies and the unification of Nigeria’s exchange rate system, have been focal points of his administration.
These measures, Tinubu noted, are intended to foster an environment that is both sustainable and fair, encouraging businesses to thrive in a transparent framework.
Though the reforms have required adjustments and sacrifices from Nigerian citizens, Tinubu argued that they are vital for the country’s long-term development and resilience.
In addition, Ribadu cited Nigeria’s improved stability and the administration’s success in raising crude oil production to 1.8 million barrels per day, a feat that reflects Tinubu’s resolve to reposition Nigeria as a leader in global oil production.
This output, boosted by strengthened security in oil-producing regions and collaborative efforts with local communities, is one of the steps aimed at maximizing Nigeria’s natural resources for economic growth.
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